- Apply a working knowledge of the financial accounting rules for estates and trusts
- Identify current tax guidelines when preparing a client’s estates and trusts return
- Identify planning and potential pitfalls.
This course will review the fundamentals of fiduciary accounting and provide a reporting guide for determining whether receipts and expenditures are assigned to income or principal/corpus. Critical issues, rules, and special opportunities when preparing your clients' Form 1041 U.S. Income Tax Return for Estates and Trusts will be examined, including what is considered taxable income and allowable deductions. Planning and potential pitfalls will also be explored.
Prerequisite:
Basic working knowledge of estate and
trust tax rules.
Advanced preparation:
None
PRICING DETAILS
Register early to take advantage
of the best price! Please note, discounted pricing is already reflected in the
online price. No promo code is needed.
Through April 21: $292 MICPA Members /
$442 Non-Members
April 22 - May 5: $312 MICPA Members / $462 Non-Members
May 6 - May 19: $332 MICPA Members / $482 Non-Members
- 10 Principles of Tax Accounting for Trust Income
- Entity accounting income and Form 1041
- Uniform Principal and Income Act
- Discretionary Power to Adjust
- Allocations between principal and income
- Trust accounting issues
- Current rates and brackets; Calculating a trust's AGI
- Filing requirements, deadlines and penalties
- 3.8% Medicare surtax on net investment income (NII)
- Simple vs. complex trusts
- Grantor Trusts: Four options to report activity
- Section 643 (g) Election
- Taxable income of trusts, estate and beneficiaries
- Deductions and Distributions
Practitioners and members in industry seeking to gain a better understanding of fiduciary accounting and tax rules of estate and trusts.
- Accounting
- Taxes
- Douglas J. Van Der Aa
Member
Non-Member